December 19, 2019 Headlines

It was another quiet overnight session as markets begin to thin out ahead of the holidays and year-end. Treasuries are mostly unchanged this morning, although long-end yields are modestly higher on comments from Charles Evans (Chicago Fed) on letting inflation run higher than 2% (easier said than done). President Trump was impeached by the House last night, with the vote almost entirely along party lines. Markets remain dismissive of this political issue on the assumption that president will be acquitted by the Senate, but US politics will likely have a greater impact on financial markets as 2020 evolves as it relates to the November elections.

Jason Haley
Chief Investment Officer

12/19/2019Current Account Balance-$122.0b-$124.1b-$128.2b-$125.2b
12/19/2019Philadelphia Fed Business Outlook80.310.4
12/19/2019Initial Jobless Claims225k234k252k
12/19/2019Continuing Claims1676k1722k1667k1671k
12/19/2019Bloomberg Consumer Comfort62.1
12/19/2019Bloomberg Economic Expectations51.5
12/19/2019Leading Index0.10%-0.10%
12/19/2019Existing Home Sales5.44m5.46m
12/19/2019Existing Home Sales MoM-0.40%1.90%
12/20/2019GDP Annualized QoQ2.10%2.10%
12/20/2019Personal Consumption2.90%2.90%
12/20/2019GDP Price Index1.80%1.80%
12/20/2019Core PCE QoQ2.10%2.10%
12/20/2019Personal Income0.30%0.00%
12/20/2019Personal Spending0.40%0.30%
12/20/2019Real Personal Spending0.20%0.10%
12/20/2019PCE Deflator MoM0.20%0.20%
12/20/2019PCE Deflator YoY1.40%1.30%
12/20/2019PCE Core Deflator MoM0.10%0.10%
12/20/2019PCE Core Deflator YoY1.50%1.60%
12/20/2019U. of Mich. Sentiment99.299.2
12/20/2019U. of Mich. Current Conditions115.2
12/20/2019U. of Mich. Expectations88.9
12/20/2019U. of Mich. 1 Yr Inflation2.40%
12/20/2019U. of Mich. 5-10 Yr Inflation2.30%
12/20/2019Kansas City Fed Manf. Activity-3-3



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